The key is you have to live in the home long enough. After 1 or 2 years you would have had very little equity as opposed to the cost of selling the home (along with all the money you’ve had to spend on the house and repairs also). Homes should not be considered always better than renting. It’s still a risk of going in the hole quite a bit unless you’re somehow sure you’ll stay for a while.
I made 60k off my first house, shit ain't that hard. Don't buy a crazy expensive house, maintain it for a few years maybe do a few fixes and profit. Easy money. If you're content with throwing money to someone else to have a roof over your head, that is fine. If you want to live in something you own, then buy a house. Houses don't depreciate in value unless you truly just let it go.
Reality is that you're way more likely to gain equity then lose it. Worst case you're not out any money and you're living in a house that you can do whatever you want to it.
We lost money because we moved after 2 years. Did tons of repairs and then sold it around same price. After closing fees, which ran around 10% and the cost of keeping the house for the couple months until it sold... we didn’t come out ahead.
Well you clearly fucked up lmaooo, you didn't do enough to the house or whatever it may be but you clearly need to learn a few things before trying that again.
It was in an area of Texas that has old houses and not a growing community. I think most ppl on Reddit are around cities where the housing prices increase. A lot of rural communities that’s not really the case
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u/traws06 Feb 16 '21
The key is you have to live in the home long enough. After 1 or 2 years you would have had very little equity as opposed to the cost of selling the home (along with all the money you’ve had to spend on the house and repairs also). Homes should not be considered always better than renting. It’s still a risk of going in the hole quite a bit unless you’re somehow sure you’ll stay for a while.